Jones Lang LaSalle
GlobeSt.com EXCLUSIVE: Apartment Complex Trades for $66M
By Eric Peterson
Last updated: January 31, 2006 10:59am
(To read more on the multifamily market, click here.)
SOMERVILLE, NJ-The 642-unit Brookside Gardens apartment complex here has been sold, GlobeSt.com has learned. The sale price of $66.25 million factors out to just over $103,000 per unit.
Brokers from the Woodbridge-based Kislak Co. represented both the buyer and the seller; both are local partnerships. The firm’s vice president Matthew Weilheimer represented the buyer, Brookside at Somerville LLC. Seller Brookside Investment Associates was spoken for by Barry Waisbrod, an associate with the firm.
“This sale transaction demonstrates the unprecedented demand for this product type, Weilheimer tells GlobeSt.com. At 642 units, Brookside Gardens is one of the largest multifamily complexes in Somerset County. Currently 95% occupied, its units are spread over 42 buildings. And the complex is also one of the oldest in the county--it was built back in 1948.
GlobeSt.com EXCLUSIVE: Apartment Complex Trades for $66M
By Eric Peterson
Last updated: January 31, 2006 10:59am
(To read more on the multifamily market, click here.)
SOMERVILLE, NJ-The 642-unit Brookside Gardens apartment complex here has been sold, GlobeSt.com has learned. The sale price of $66.25 million factors out to just over $103,000 per unit.
Brokers from the Woodbridge-based Kislak Co. represented both the buyer and the seller; both are local partnerships. The firm’s vice president Matthew Weilheimer represented the buyer, Brookside at Somerville LLC. Seller Brookside Investment Associates was spoken for by Barry Waisbrod, an associate with the firm.
“This sale transaction demonstrates the unprecedented demand for this product type, Weilheimer tells GlobeSt.com. At 642 units, Brookside Gardens is one of the largest multifamily complexes in Somerset County. Currently 95% occupied, its units are spread over 42 buildings. And the complex is also one of the oldest in the county--it was built back in 1948.
posted by Jones Lang LaSalle NJ News Blog at 12:11 PM
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